gerri: obama in his second term. you say politically it is a great time. what do you believe should happen? should we get fannie mae and freddie mac out of the business of supporting the housing market? >> this is a multi-trillion dollars market. to say to get them out of the business is an extreme concept. gerri: why? >> we have to change the way they operate. the public companies with government support is not a good idea. taxpayers have too much at risk. but you can wind down the portfolio and keep them in a utility kind of role, providing a guarantee this week or last week, the consumer financial protection board put out rules. gerri: we reported on that extensively. i wanted to ask you about something you just said. he said he can take out fannie mae or freddie mac but it seems to me if you don't, you run the same risk you had back in 2008 that alternately the government will be supporting mortgages that make absolutely no sense. >> for many years was the gold standard. high underwriting standards put out last week, very high quality loans, reasonable